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Can senior citizens get access to Personal Loans?

By Finserv MARKETS - Nov 20,2019
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Personal Loan for Pensioners

Most people assume that pensioners or senior citizens generally have no additional expenses that require a personal loan. However, they could not be more wrong. No one, no matter how old they are, is exempt from unforeseen financial circumstances or should be withheld from realizing their dreams. But when you’re older, it can be more daunting to think about gaining funding during such instances. For example, finding a personal loan for pensioners may be a difficult and tedious process. Some may wonder if they would even be eligible for a personal loan of that nature. However, if you have a pension income, it is taxable under the head salaries in your Income Tax Return, as ClearTax reports.

Therefore, because this technically makes you a salaried individual, you would be eligible for a personal loan for pensioners through offerings on Finserv MARKETS. Whether it’s paying for your child’s education, getting medical aid, finally buying your dream home, or even taking the vacation you kept delaying while still working, a personal loan for pensioners can help you achieve all your goals. Still confused about how a pension income can make you eligible for such a loan? Here’s how.

Does Your Pension Count as a Salary?

If you want the short answer, it’s yes. Now, if you’re interested in the technicalities, here’s everything you need to know. Typically, a pension is paid out periodically on a monthly basis (though some individuals choose to receive a lump sum). If that sounds familiar, it’s because your pension income is a lot like your salary. Additionally, as your earnings are taxable under the ITR, even the government formally recognizes your pension income as a salary. In general, this makes any retiree within the identified age and income brackets eligible for a personal loan for pensioners.

What is the Eligibility Criteria?

There are two things to be mindful of. The first is the amount of your pension income. Depending on what city or town you live in, these earnings must meet a minimum amount. For instance, if you worked and live in Mumbai, your take-home pension income must be at least Rs. 37,000 per month. A full list is available on the official Finserv MARKETS website.

The second criterion to be aware of is your age. While India’s official retirement ages are 58 and 60 for the private and public sector respectively, Bajaj Finserv has minimum and maximum age bands. Only those who are between the ages of 23 and 58 are eligible to apply. Therefore, this personal loan available through Finserv MARKETS is best suited to those who are early pensioners or retirees.

While there are many options when it comes to personal loans for pensioners, including diverse offerings for central and state government, defence, or even family pensioners, the personal loan available on Finserv MARKETS is flexible, easy to apply for, and customizable based on your requirements. Here are some of the benefits of Personal Loan.

1. Process Documents Once

You probably feel like you’ve spent an entire lifetime filling out applications and filing documents. Don’t waste more time on another documentation process. When you apply for a personal loan on Finserv MARKETS, you only need to hand in your documents and fill out the necessary forms once. From there onwards, it’s simply smooth sailing.

2. Enjoy Interest-Only EMI

When you first start earning a pension, it may be a little difficult to wrap your head around planning around and managing your new pension income. If this makes you hesitant about taking out a personal loan, you can rest easy knowing that you only need to pay the interest amount as the EMI during the first few stages of your personal loan on Finserv MARKETS.

3. Experience Customizability and Flexibility

When it comes to other loan providers, you may not have total control over the loan’s principal amount. But the Bajaj Finserv Personal Loan places you in the driver’s seat and lets you take control. One of the loan’s benefits include flexible repayment tenures from 12 to 60 months. Furthermore, they make it super easy to complete part-payments for your principal amount as they ensure you don’t incur any hidden charges. This means no matter what your goals may be, Finserv MARKETS has the custom-made loan that suits your needs and puts you first.

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522